QUALIFIED TRANSPORTATION REIMBURSEMENT ACCOUNT (QTRA)
Often referred to as Commuter Reimbursement Accounts, Parking and Transit Spending Accounts or Commuter Spending Accounts, these plans allow employees to direct pre-tax deductions into an account for reimbursement of qualified parking expenses, transit passes and commuter vanpool expenses.
Qualified Parking Expenses, Transit Passes and Commuter Highway Vehicle Expenses are limited to an IRS defined monthly amount. Only the amount that has been deducted to date, up to the monthly maximums set by the IRS, currently $120 for transportation and $230 for parking, can be reimbursed to participants similar to the dependent care reimbursement account.
Eligible transportation and parking expenses include:
- Public transportation to and from work which include trains, subways and buses.
- Transportation to and from work in a commuter vanpool.
- Parking near your work or near public transportation.
» To learn more about additional flexible spending account options, please continue reading about Trion's Flexible Spending Account solutions, or request a proposal.